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The preponderance of appraisers with scant local knowledge has led to valuations "riddled with errors," said Eric Appelbaum, president of Apple Mortgage.For example, he said one appraiser from Albany valued a one-bedroom apartment on the 50th floor of a building in the West 50s with striking views at $150,000 less than a second-floor apartment in the same building with no views.

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"The values are not being decimated as they were; it's a little more predictable," said Appelbaum.

Jumbo mortgage rates are about a half a percentage point higher than they should be, said Eric Appelbaum, president and owner of Apple Mortgage."If this isn't corrected, I think it could put a serous damper on two- or three-, or four-bedroom apartments in the city," he said.

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"Most co-ops have always held a more stringent underwriting standard than even the most stringent bank," Appelbaum said.

Jumbo mortgage rates are about a half a percentage point higher than they should be, said Eric Appelbaum, president and owner of Apple Mortgage."If this isn't corrected, I think it could put a serous damper on two- or three- or four-bedroom apartments in the city," he said.

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"Most co-ops have always held a more stringent underwriting standard than even the most stringent bank," Appelbaum said.

Eric Appelbaum, president of Apple Mortgage Corp., on Manhattan's West Side, said "There was a flight to safety" as people "piled into every Treasury they could think of," as the 10-year Treasury rate plummeted to below 2.1 percent in December.
Mortgage rates, he said, moved in tandem.
For Bouchner's Commodore Property Group, the activity has intensified even more over the last three months.

"My guess is that a lot of folks were frozen in action across the board initially," he said.

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"The difference now is we are doing 10 times the amount of work to close the same file," said Appelbaum.